The Real Deal New York

70 years later, Olmstead looks to sell Noho development site

Samuel Rosenblatt’s Olmstead Properties is putting a Noho development site with 32,000 buildable square feet on the market, The Real Deal has learned.

The block-long, 5,500-square-foot corner lot at 363 Lafayette Street, near Great Jones Street, was the former home of Jones Diner but now houses a billboard. Olmstead, which has owned the site since the 1940s, planned to build an office or residential condominium building in 2007. Olmstead secured a zoning variance for residential use but it has since lapsed, sources said.

Olmstead tapped JLL’s New York Capital Markets Group team led by Richard Baxter and Stephen Shapiro to market the property. Both declined to comment. Baxter and Shapiro are marketing it as either an office or residential building with a 4,500-square-foot ground-floor retail space.

The structure could rise between six to eight stories, depending on a variance that would have to be approved by the city, sources said.